专题5《有限责任公司股权转让》

以下为本笔记本《系统精讲》中专题5《有限责任公司的股权转让》的全部逐字原文内容：

专题5《有限责任公司的股权转让》

一、股权转让的规则

知识点 035 股东对外转让股权★★★

1. 股权对外转让的通知、优先购买权 (1) 股东向股东以外的人转让股权的，应当将股权转让的数量、价格、支付方式和期限等事项书面通知其他股东。 (2) 其他股东在同等条件下有优先购买权。此处的“同等条件”，即上文所述，应当考虑转让股权的数量、价格、支付方式及期限等因素。 [例] 股东甲拟对外转让股权，外人丙一次性清付款项10万元，另一股东乙要分10期付清10万元。外人丙“一次付款”比股东乙“分期付款”的条件更加有利，故股东乙不符合“同等条件下有优先购买权”的条件。 (3) 股东自接到书面通知之日起30日内未答复的，视为放弃优先购买权。 (4) 有限责任公司的股东向股东以外的人转让股权，在其他股东主张按同等条件购买后又不同意转让股权的，对其他股东优先购买的请求，人民法院不予支持，但是公司章程另有规定或者全体股东另有约定的除外。 【原理】在“反悔”的情形下，因没有新股东加入，不会影响“人合性”，故其他股东不能强制购买转让股东的股权。 (5) 2个以上股东主张优先购买权的，协商确定各自的购买比例；协商不成的，按照转让时各自的出资比例行使优先购买权。 (6) 公司章程对股权转让另有规定的，从其规定。

2. 损害其他股东优先购买权的处理 (1) 认定：损害优先购买权，是指有限责任公司的股东向股东以外的人转让股权，未通知其他股东，或者以欺诈、恶意串通等手段损害其他股东优先购买权。（见随堂小测） (2) 处理

【随堂小测】 甲公司的股东分别为老张（占股60%）、张子A（儿子，占股40%）。2018年2月1日，老张向张子A发出《股权转让通知书》，载明：“本人自愿以15万元的价格转让1%的股权，30日内书面答复商定转让事宜。逾期视为同意意向他人转让。”张子A表示愿意购买但作价太高，于是放弃。同年3月10日，老张与张子B（另一个儿子）签订《股权转让协议一》，以15万元的价格卖出1%的股权，并办理了股权变更登记。同年10月10日，老张与张子B签订《股权转让协议二》，以60万元的价格转让给张子B 59%的股权，并办理了股权变更登记（每1%股权的价格约为1万元）。老张也表示第一次股权转让价格比第二次要价高，目的是让张子B取得股东身份。〔1〕 问1：老张和张子B的股权转让协议效力如何？ 答：无效。转让股东与第三人恶意串通，恶意规避法律，损害其他股东的优先购买权的，违反了诚信原则，两次股权转让协议均无效。 问2：张子A可否仅主张该股权转让协议无效？可否适用诉讼时效3年的规定？ 答：张子A不能仅主张该股权转让协议无效，所以不适用诉讼时效3年的规定。 问3：张子A可主张何种救济措施？ 答：张子A可以侵犯其股东优先购买权为由提起诉讼。

〔1〕 改编自：江苏省高级人民法院再审（2015）苏商再提字第00068号民事判决书——吴嵌崎与吴凤确认合同无效纠纷。

知识点 036 未届出资期限的股权、瑕疵股权、抽逃出资股权的对外转让★★★

1. 法律规则

1. 未届出资期限的股权转让纠纷的实务难点 (1) 根据《公司法》第88条第1款的规定，未届出资期限的股权转让的，转让股东是“非免责转让”，其需要对受让人承担补充责任。（见上表） (2) 实务中，股权转让协议中约定的出资责任与《公司法》第88条第1款规定不一致，当事人以违反法律的强制性规定为由主张该约定无效的，人民法院不予支持，但是该约定不得对抗公司、公司债权人。 (3) 根据2024年12月24日最高人民法院的批复〔1〕，《公司法》第88条第1款（未届出资期限的股权转让，转让人承担补充责任）仅适用于2024年7月1日之后发生的未届出资期限的股权转让行为。对于2024年7月1日之前股东未届出资期限转让股权引发的出资责任纠纷，人民法院应当根据原《公司法》等有关法律的规定精神公平公正处理。 (4) 实务中的一般处理：上述“补充责任”的承担具有先后顺序性，首先由最终受让人承担出资责任；在最终受让人的财产不足以补足应缴出资时，再由前手转让人依次对不足部分承担补充责任。 (5) 股东转让未届出资期限的股权时，已经符合法定的加速到期事由，公司、公司债权人等依据《公司法》第88条第2款规定，请求转让人承担责任或者转让人与受让人在出资不足范围内承担连带责任的，人民法院不予支持。（提示：应为“补充责任”，而非“连带责任”） (6) 金钱债权执行中，申请执行人申请变更、追加未届出资期限转让股权的股东为被执行人的，人民法院应当裁定驳回变更、追加申请，并告知其另行提起诉讼。

〔1〕 《最高人民法院关于〈中华人民共和国公司法〉第八十八条第一款不溯及适用的批复》。

1. 未全面履行出资义务的股权转让纠纷的实务难点 (1) 根据《公司法》第88条第2款的规定，瑕疵股权转让，转让人与非善意受让人承担连带责任。该规则适用于2024年7月1日之前的瑕疵股权转让。（见上表） (2) 实务中，股权转让协议中约定的出资责任与《公司法》第88条第2款规定不一致，当事人以违反法律的强制性规定为由主张该约定无效的，人民法院不予支持，但是该约定不得对抗公司、公司债权人。（该规定和上述“未届出资期限的股权转让”相同） (3) 上述瑕疵股权受让人以其不知道且不应当知道转让人未全面履行出资义务为由提出抗辩的，应当承担举证责任。 实务中，通常考虑的因素包括： ❶ 受让人与转让人之间是否存在特殊的身份关系，如亲属关系。 [例] 股东郑某超期未足额出资，现将其全部股权转让给表弟刘某。按生活经验，应当推定其表弟刘某知情，则二人应当在出资不足的范围内对第三人承担连带责任。 ❷ 受让人在受让股权前是否系公司的实际股东或者在该公司担任职务。 ❸ 股权转让对价是否明显背离正常价值、是否实际按约支付。 ❹ 受让人是否尽到核查公司的经营状况、资产状况，以及交易股权的出资状况等义务。 (4) 受让人承担责任后，向转让股东追偿的，人民法院应予支持，但是当事人另有约定的除外。 (5) 金钱债权执行中，申请执行人申请变更、追加瑕疵股权受让人为被执行人的，人民法院应当裁定驳回变更、追加申请，并告知其另行提起诉讼。

2. 抽逃出资后股权转让纠纷的实务难点 (1) 股东抽逃出资后转让股权，公司、公司债权人等参照《公司法》第88条第2款规定请求受让人承担连带责任的，人民法院不予支持； (2) 转让人与负有责任的董事、监事、高级管理人员不能赔偿因抽逃出资给公司造成的损失，公司请求明知转让人抽逃出资的受让人承担补充赔偿责任的，人民法院应予支持； (3) 公司不以诉讼或者仲裁方式主张权利，致使公司债权人对公司的到期债权未能实现，公司债权人以转让人、负有责任的董事、监事、高级管理人员以及受让人为被告、公司为第三人，请求受让人对其到期未实现的债权承担补充赔偿责任的，人民法院应当依法予以支持； (4) 金钱债权执行中，申请执行人申请变更、追加抽逃出资的股权受让人为被执行人的，人民法院应当裁定驳回变更、追加申请，并告知其另行提起诉讼。

知识点 037 瑕疵股权让与担保

1. 让与担保的一般规则 (1) 让与担保，是指债务人或者第三人通过将动产、不动产或者股权等财产转让至债权人名下的方式，为主合同项下的债务提供担保。 (2) 原则上，让与担保合同有效。债务人或者第三人与债权人约定将财产形式上转移至债权人名下，债务人不履行到期债务，债权人有权对财产折价或者以拍卖、变卖该财产所得价款偿还债务的，人民法院应当认定该约定有效。 (3) 流质条款无效。债务人或者第三人与债权人约定将财产形式上转移至债权人名下，债务人不履行到期债务，财产归债权人所有的，人民法院应当认定该约定无效，但不影响当事人有关提供担保的意思表示的效力。 (4) 完成财产权利变动的公示后，债权人才可享有优先受偿权。当事人已经完成财产权利变动的公示，债务人不履行到期债务，债权人请求参照《民法典》关于担保物权的规定对财产折价或者以拍卖、变卖该财产所得的价款优先受偿的，人民法院应予支持；债务人履行债务后请求返还财产，或者请求对财产折价或者以拍卖、变卖所得的价款清偿债务的，人民法院应予支持。 [例] A公司向甲公司借款，为了担保A公司按期还款，双方约定A公司将其持有的B公司股权转移至甲公司名下。双方同时约定，债务到期后，若A公司按期还款，股权回归A公司；若A公司到期不还款，则股权归甲公司所有。该案构成让与担保，要遵守关于担保的规则。双方约定债权人（甲公司）不履行到期债务时，股权归债权人（甲公司）所有，构成流质条款，该约定无效，但不影响担保的效力。

2. 以股权设定让与担保的特殊问题 (1) 前提：债务人以瑕疵股权设定让与担保。即股东未履行或者未全面履行出资义务、抽逃出资，又以将该瑕疵股权转移至债权人名下的方式为债务履行提供担保。 (2) 处理：公司或者公司的债权人请求作为名义股东的债权人与股东承担连带责任的，人民法院不予支持。 【原理】 (1) “让与担保”是以“转让”之名，行“担保”之实，故依据担保的规则来处理； (2) 股权让与担保中，债权人仅为“名义上的股东”，其和公司无实质关联。

[图例] 瑕疵股权让与担保 （债务人+股东）A公司 是B公司的股东，以持有的B公司股权设定让与担保 ——> （债权人+名义股东）甲公司 注：①甲公司是B公司的“名义股东” = 代持协议中的“名义股东”，此处的“名义股东”意指“无实质关系”； ②甲公司无需对B公司履行出资义务，也不享有股东权利。

知识点 038 股东之间转让、股东离婚/死亡、股权被强制执行引起的股权转让★★

1. 股东之间转让股权 (1) 有限责任公司的股东之间可以相互转让其全部或者部分股权； (2) 由于股权内部转让不涉及其他人加入公司，因此其他股东没有优先购买权。

2. 股东离婚〔1〕 法院审理离婚案件，涉及分割夫妻共同财产中以一方名义在有限责任公司的出资额，另一方不是该公司股东的，按以下情形分别处理： (1) 夫妻双方协商一致将出资额部分或者全部转让给该股东的配偶，其他股东过半数同意，并且其他股东均明确表示放弃优先购买权的，该股东的配偶可以成为该公司股东； (2) 夫妻双方就出资额转让份额和转让价格等事项协商一致后，其他股东半数以上不同意转让，但愿意以同等条件购买该出资额的，法院可以对转让出资所得财产进行分割； (3) 夫妻双方就出资额转让份额和转让价格等事项协商一致后，其他股东半数以上不同意转让，也不愿意以同等条件购买该出资额的，视为其同意转让，该股东的配偶可以成为该公司股东。

3. 股东死亡 (1) 自然人股东死亡后，其合法继承人可以继承股东资格。所以，当自然人股东因继承发生变化时，其他股东不可主张行使优先购买权。 (2) 公司章程另有规定的除外。

4. 股权被强制执行 股东不能偿还所欠债务的，债权人可以基于生效法律文书请求法院强制执行该股东的股权用以清偿。 (1) 法院依照强制执行程序转让股东的股权时，应当通知公司及全体股东； (2) 其他股东在同等条件下有优先购买权； (3) 其他股东自法院通知之日起满20日不行使优先购买权的，视为放弃优先购买权。

〔1〕 法条依据：《最高人民法院关于适用〈中华人民共和国民法典〉婚姻家庭编的解释（一）》第73条第1款。

【易错】 ❶ 由法院通知，而非由股东或债权人通知。 ❷ 被强制执行的，其他股东20日内不行使视为放弃优先购买权；主动转的，其他股东30日内未答复视为放弃优先购买权。

【总结】无优先购买权的情形：

1. 股东之间转让的，其他股东无优先购买权。

2. 股权对外转让的，其他股东自接到书面通知之日起30日内未答复的，视为放弃优先购买权。

3. 股权对外转让时，转让股东反悔的，其他股东无优先购买权。

4. 自然人股东因继承发生变化的，其他股东不可主张行使优先购买权。（章程规定或者全体股东另有约定的除外）

知识点 039 股权转让的变更程序

1. 转让股东 (1) 股东转让股权的，应当书面通知公司，请求变更股东名册；需要办理变更登记的，并请求公司向公司登记机关办理变更登记。 (2) 公司拒绝或者在合理期限内不予答复的，转让人、受让人可以依法向法院提起诉讼。 【提示】通知公司和请求公司变更的主体：仅包括股权转让人。起诉公司的主体：包括股权转让人和受让人。

2. 股权受让人 (1) 当事人之间转让有限责任公司股权，受让人自记载于股东名册之日起取得股权；（除法律、行政法规规定合同应当办理批准手续外） (2) 公司没有置备股东名册的，受让人自实际行使股东权利或者将股权转让的事实通知公司之日起取得股权； (3) 股权受让人已经记载于股东名册但尚未在公司登记机关办理变更登记，转让人的金钱债权人申请执行转让人名下的股权的，受让人有权请求排除强制执行。

3. 公司 (1) 依法转让股权后，公司应当及时注销原股东的出资证明书，向新股东签发出资证明书； (2) 公司应当相应修改公司章程和股东名册中有关股东及其出资额的记载； (3) 对公司章程的该项修改无需再由股东会表决。

二、股权收购的规则

知识点 040 异议股东的股权收购请求权★★★

股东请求公司收购，是出现法定情形，股东可以请求公司按照合理的价格收购其股权，以此方式退出公司。

💡 记忆：“55合分转，该死不死改章程”，异议股东可请求公司收购。

知识点 041 受损害股东请求公司收购股权

1. 法律规定 《公司法》第89条第3款 公司的控股股东滥用股东权利，严重损害公司或者其他股东利益的，其他股东有权请求公司按照合理的价格收购其股权。

2. 实务难点：“严重损害其他股东利益”的认定 是否“严重损害其他股东利益”，实务中一般以“是否损害其他股东参与公司经营管理或者其他股东能否实现获取投资收益的目的”为判断标准。 (1) 公司的控股股东滥用股东权利，导致其他股东参与经营管理或者获取投资收益的目的不能实现的，可以认定为“严重损害其他股东利益”，其他股东有权请求公司按照合理的价格收购其股权。同时要注意，公司以控股股东已经依法承担了损害赔偿责任为由提出抗辩的，人民法院不予支持。 (2) 公司的控股股东滥用股东权利造成其他股东损失，但尚未导致其参与公司经营管理或者获取投资收益的目的不能实现的，其他股东有权依据《公司法》第21条第2款“公司股东滥用股东权利给公司或者其他股东造成损失的，应当承担赔偿责任”的规定，请求控股股东承担损害赔偿责任；其他股东依法请求公司按照合理的价格收购其股权的，人民法院不予支持。

3. 收购后的处理 公司依法收购的本公司股权，应当在6个月内依法转让或者注销。

05 常考角度总结 SUMMARIZE

1. 掌握“未届出资期限的股权转让”的新规。注意其和“瑕疵股权转让”的处理的不同。

2. 瑕疵股权转让与瑕疵股权让与担保的区别和处理。

3. 股权对外转让的规则。其可细分为： (1) 判断是否损害其他股东的优先购买权； (2) 其他股东以及外人的救济手段； (3) 股权转让后，受让人的责任。

4. 异议股东的股权收购请求权的认定，即股东请求公司收购股权的理由是否正当。

5. 2023年《公司法》新增：控股股东滥用股东权利导致损失的，其他股东有权请求公司按照合理的价格收购其股权。

专题6《股份有限公司股份发行和转让》

以下为《2026商经法鄢梦萱系统精讲》中专题6《股份有限公司的股份发行和转让》的全部逐字原文内容：

专题6《股份有限公司的股份发行和转让》

一、股份发行

知识点 042 股份、股票

1. 股份的概念 股份有限公司的注册资本为在公司登记机关登记的已发行股份的股本总额。股份有限公司的资本划分为股份。

2. 股票的概念、特征和类型 (1) 股票的概念和特征 ❶ 公司的股份采取股票的形式。股票是公司签发的证明股东所持股份的凭证。 ❷ 股份有限公司成立后，即向股东正式交付股票。公司成立前不得向股东交付股票。 ❸ 股票采用纸面形式或者国务院证券监督管理机构规定的其他形式。 股票采用纸面形式的，应当载明下列主要事项：a. 公司名称；b. 公司成立日期或者股票发行的时间；c. 股票种类、票面金额及代表的股份数，无面额股应当记载该股票代表的股份数。 股票采用纸面形式的，应当由法定代表人签名，公司盖章。 发起人股票采用纸面形式的，应当标明发起人股票字样。

[总结] 股份和股票的关系： (1) 股份有限公司的资本划分为股份，而股份的表现形式是股票； (2) 股票是股份的凭证。

(2) 股票的类型 ❶ 记名股票和无记名股票 ⊙区分标准：是否在股票票面和股东名册上记载股东姓名。 ❷ 面额股和无面额股 ⊙区分标准：股票有无表示金额。 ⊙择一模式：公司可以根据公司章程的规定将已发行的面额股全部转换为无面额股或者将无面额股全部转换为面额股。 ⊙面额股：股票的发行价格可以按票面金额，也可以超过票面金额，但不得低于票面金额；超过股票票面金额的溢价款，列为资本公积金。 ⊙无面额股：应当将发行股份所得股款的1/2以上计入注册资本，其余部分列为资本公积金。 ❸ 普通股和类别股 ⊙区分标准：股份所代表的权益和承担的风险大小； ⊙普通股：具有完全股权的股份，股东享有表决权，但也是全风险型股份； ⊙类别股：具有某种特别权利或特别义务的股份。（见下文“类别股”）

知识点 043 类别股★★★

1. 概念 类别股，是指公司按照公司章程的规定发行的与普通股权利不同的股份。

2. 种类

1. 重大事项的表决 “重大事项”，是指股东会作出修改公司章程、增加或者减少注册资本的决议，以及公司合并、分立、解散或者变更公司形式的决议。 有重大事项可能影响类别股股东权利的，按照下列要求表决： (1) 应当经出席会议的股东所持表决权的2/3以上通过； (2) 应当经出席类别股股东会议的股东所持表决权的2/3以上通过。

知识点 044 授权股份发行（授权资本制）★★★

1. 股份发行的一般规则 (1) 股份的发行，实行公平、公正的原则。 (2) 同类别的每一股份应当具有同等权利。 (3) 同次发行的同类别股份，每股的发行条件和价格应当相同；认购人所认购的股份，每股应当支付相同价额。 (4) 股东会作出增加或者减少注册资本的决议，应当经出席会议的股东所持表决权的2/3以上通过。

2. 授权董事会发行 满足股份有限公司灵活融资的需要，公司允许授权董事会发行股份。要同时满足： (1) 授权时间：公司章程或者股东会可以授权董事会在3年内决定发行。 (2) 授权上限：可以授权董事会决定发行不超过已发行股份50%的股份。但以非货币财产作价出资的，应当经股东会决议。 (3) 决议要求：公司章程或者股东会授权董事会决定发行新股的，董事会决议应当经全体董事2/3以上通过。

【易错】 董事会共有18人，在授权发行新股时，董事会会议应当经12人出席，且决议应当经12人通过，方为决议有效。因为法条要求“全体董事2/3以上通过”，包含了该次董事会应当经“全体董事2/3以上出席”。

二、股份的转让规则

知识点 045 股份转让的限制★★

1. 场所 股东转让其股份，应当在依法设立的证券交易场所进行或者按照国务院规定的其他方式进行。

2. 方式 股票的转让，由股东以背书方式或者法律、行政法规规定的其他方式进行。

3. 对公开发行前股份的限制 公司公开发行股份前已发行的股份，自公司股票在证券交易所上市交易之日起1年内不得转让。（另有规定的，从其规定）

4. 公司董事、监事、高级管理人员 (1) 应当向公司申报所持有的本公司的股份及其变动情况，在就任时确定的任职期间每年转让的股份不得超过其所持有本公司股份总数的25%； (2) 所持本公司股份自公司股票上市交易之日起1年内不得转让； (3) 离职后半年内，不得转让其所持有的本公司股份； (4) 公司章程可以对公司董事、监事、高级管理人员转让其所持有的本公司股份作出其他限制性规定。

5. 股份质权人 股份在法律、行政法规规定的限制转让期限内出质的，质权人不得在限制转让期限内行使质权。

6. 股份继承转让 (1) 自然人股东死亡后，其合法继承人可以继承股东资格； (2) 股份转让受限的股份有限公司的章程另有规定的除外。

知识点 046 股份回购规则（适用于所有股份有限公司）★★★

1. 公司收购本公司股份原则：公司不得收购本公司股份。例外：出现下列情形之一的，公司可以收购本公司股份：

1. 公司不得接受本公司的股份作为质权的标的。 [例] 甲公司与乙公司联合开发房地产。现乙公司以其持有的甲公司的股份作为履行合同的质押担保，双方约定，若乙公司违约，甲公司将以担保物优先受偿。由于担保物恰恰是自己发行的股票，效果等同于“以甲公司的资金收购甲公司的股份”，因此，甲、乙公司之间的质押担保不合法。

【易错】 授权发行股份 VS. 授权收购股份

知识点 047 （“非公开发行股份”公司）异议股东的股份回购请求权★★

非公开发行股份的公司，出现法定情形时，股东可以请求股份有限公司按照合理的价格收购其股权，以此方式退出公司。

知识点 048 禁止公司财务资助规则及例外★★

1. 原则 公司不得为他人取得本公司或者其母公司的股份提供赠与、借款、担保以及其他财务资助。

2. 例外 (1) 公司实施员工持股计划。 (2) 为公司利益，经股东会决议，或者董事会按照公司章程或者股东会的授权作出决议，公司可以为他人取得本公司或者其母公司的股份提供财务资助，但财务资助的累计总额不得超过已发行股本总额的10%。董事会作出决议应当经全体董事的2/3以上通过。

3. 处理 违反上述规定，给公司造成损失的，负有责任的董事、监事、高级管理人员应当承担赔偿责任。

06 常考角度总结 SUMMARIZE

1. 股份有限公司股份发行、转让新规。 (1) 增加：允许发行无面额股、类别股； (2) 增加：股份发行的“授权资本制”； (3) 增加：“非公开发行股份”的股份有限公司，允许异议股东请求公司收购其股份； (4) 增加：在股份转让时，原则上禁止公司提供财务资助。

2. 股份转让的若干限制性规定。

3. 股份有限公司收购股份的事由和程序。

专题5《有限责任公司股权转让》

专题5《有限责任公司的股权转让》

考点 15 股东对外转让股权

第1题 甲、乙是某有限责任公司股东，分别持有公司51%和49%的股权，公司章程约定公司外部的人如果加入公司须经全体股东一致同意。2018年10月，甲想把持有的公司51%的股权转让给外部的第三人丙，但乙不同意，于是，甲提出只转让0.1%的股权给丙，乙因为转让价格过高便同意了该次股权转让。在丙成为公司的股东后，甲于2018年12月以极低的价格将自己持有的剩下50.9%的股权也转给了丙，并且办理了股权登记证明，这时乙做出来反对。关于两次股权转让是否有效，下列说法正确的是：(2018-回忆版-多)

A 甲的第一次股权转让有效

B 甲的第一次股权转让无效

C 甲的第二次股权转让有效

D 甲的第二次股权转让无效

第2题 甲、乙、丙、丁均为某有限责任公司的股东。甲和第三人戊签订股权转让协议，乙反对并要求按协议行使优先购买权。第二天，乙因车祸住院昏迷一月有余。在戊支付完股权转让款后，公司高管李某因为疏忽未给戊办理股权变更登记手续，后甲将该股权转让给丁。乙出院后要求继续行使优先购买权。关于本案，下列说法正确的是：(2021-回忆版-单)

A 乙已主张按照同等条件购买转让股权，戊不能取得甲的股权

B 乙有权主张继续行使优先购买权

C 戊可以取得该股权，乙有权请求甲承担损害赔偿责任

D 丁可以取得该股权

第3题 甲辞去公职与乙、丙共同出资创办A有限责任公司，后甲与丁签订股权转让协议，并将股权转让事宜通知乙、丙，乙和丙均主张行使优先购买权，甲决定取消出售，与丁产生纠纷。后甲与乙达成协议，以115万元的价格出售其股权，乙将115万元全部支付给甲并通知A公司。A公司未置备股东名册也未办理股权变更登记，甲即被司法机关查不出资金额为贪污所得。关于本案，以下哪些说法是正确的？(2023-回忆版-多)

A 甲、丁之间的股权转让合同有效，丁可以要求甲承担违约责任

B 甲用贪污款出资获得的股权应予以没收

C 乙可主张A公司办理股权变更登记

D 乙不能取得甲转让的股权

考点 16 未届出资期限股权、瑕疵股权、抽逃出资股权的对外转让

第4题 杨某用持有的甲公司股权出资设立乙公司，后杨某为了谋取私利违规操控甲公司，导致甲公司的股权大幅贬值。乙公司章程规定的出资期限届满后，杨某将其在乙公司的股权转让给了不知情的刘某。后乙公司要求刘某和杨某补足出资。据此，下列说法正确的是有：(2024-回忆版-多)

A 杨某已履行出资义务，股权贬值后无需承担补足出资的责任

B 刘某无需承担补足出资的责任

C 杨某需要承担补足出资的责任

D 杨某和刘某需要承担连带责任

第5题 A公司为激励核心员工，通过增资扩股吸纳技术骨干张某成为员工股东，张某实际缴纳出资并登记于股东名册。A公司全体股东（包括张某）签订《员工持股协议》，约定：“员工股东在职期间及离职后2年内不得从事与A公司同类业务的竞业禁止义务，若违反竞业禁止义务，员工股东须无条件将其所持股份按原入股价格转让给公司指定的其他股东或公司。”1年后张某因违规操作被A公司解聘，解聘次月张某入职与A公司具有竞争关系的B公司。A公司遂指定股东李某受让张某的股权，并要求张某配合办理股权变更手续。关于本案，下列哪些说法是正确的？(2025-回忆版-多)

A 张某离职后2年内不得从事与A公司同类业务，属于有效的竞业限制约定

B 《员工持股协议》关于股权强制转让的约定合法有效，张某应向李某转让股权

C 《员工持股协议》关于“按原入股价格转让”的约定无效，张某有权主张按市场价格转让

D A公司要求张某将股权转让给公司指定的股东李某，属于股权无权处分

考点 17 股权让与担保

第6题 赵三为向李四借款100万元，双方签订《借款协议》，并约定赵三将其持有的瓶子公司40%股权转让至李四名下，作为借款担保。随后，双方办理了股权变更登记手续，但李四未实际出资，瓶子公司也未给李四签发出资证明书或将其记载于股东名册。借款到期后，赵三无力偿还。李四遂以瓶子公司股东身份，主张直接取得瓶子公司40%的股权归其所有，并要求瓶子公司配合办理将其记载于股东名册的手续。关于本案，下列哪一说法是正确的？(2024-回忆版-单)

A 李四自办理股权变更登记之日起取得瓶子公司40%的股权

B 赵三与李四之间关于将股权变更登记至李四名下的约定为股权让与担保，属于有效约定

C 赵三到期未清偿债务，李四有权要求瓶子公司直接将其记载于股东名册

D 借款到期后，李四可直接取得瓶子公司40%的股权

考点 18 股东之间转让、离婚、死亡、股权被强制执行

第7题 汪某为兴荣有限责任公司的股东，持股34%。2017年5月，汪某因不能偿还永平公司的货款，永平公司向法院申请强制执行汪某在兴荣公司的股权。关于本案，下列哪一选项是正确的？(2017/3/28-单)

A 永平公司在申请强制执行汪某的股权时，应通知兴荣公司的其他股东

B 兴荣公司的其他股东自通知之日起1个月内，可主张行使优先购买权

C 如汪某所持股权的50%在价值上即可清偿债务，则永平公司不得强制执行其全部股权

D 如在股权强制拍卖中由丁某拍定，则丁某取得汪某股权的时间为变更登记办理完毕时

考点 19 股权收购

第8题 甲有限责任公司章程规定，公司召开股东会应当提前15天以书面形式通知全体股东。张某是甲公司的大股东兼董事长。为了扩大公司规模，张某认为甲公司应当与乙公司合并，遂提议召开股东会讨论，但因准备仓促，在会议召开前5天才通知持股7%的李某。李某参见后，虽然同意该次合并，但对仓促通知自己表示非常不满，并拒绝在决议上签字。其他股东均同意这次合并。对此，下列哪些说法是正确的？(2018-回忆版-多)

A 该次股东会会议的召集程序违反章程，李某主张撤销该决议可以得到法院支持

B 股东会作出的合并决议有效

C 李某有权要求公司以合理的价格收购其股权

D 若李某之后转让全部股权，则无权提起针对公司决议效力的诉讼

专题6《股份有限公司股份发行和转让》

专题6《股份有限公司的股份发行和转让》

考点 20 股份、股票、类别股

第9题 甲股份有限公司计划发行表决权多于普通股的类别股。下列说法正确的有：(2024-回忆版-多)

A 若甲公司发行表决权类型类别股，则须修改公司章程

B 若甲公司未来要上市，则当下不能发行表决权类型类别股

C 上市后甲公司不能公开发行表决权多于普通股的类别股

D 甲公司上市前发行的表决权类型类别股有效，在选举监事时，该类别股的表决权多于普通股

考点 21 授权股份发行

第10题 甲、乙、丙、丁为A股份有限公司（非公开发行股份公司）发起人，四人共同组成董事会。公司已经发行股份100万股，2024年经股东会决议将发售股份的权利授予董事会。公司部分股东反对授权。后A公司董事会决议对外发行股份，这次发行中，B公司欲以一项2000万元的发明专利出资。据此，下列说法正确的有：(2024-回忆版-多)

A 经出席会议股东所持表决权的2/3以上同意，董事会方可获得发行新股的权利

B 该次董事会获得最长授权期限不得超过3年

C 董事会获得授权后，决定发行新股的决议应当经出席会议的董事2/3以上通过

D 董事会获得发行新股的授权后，可以对B公司以发明专利出资事项作出决议

考点 22 股份回购规则

第11题 紫霞股份有限公司是一家从事手游开发的非上市公司，注册资本5000万元，已发行股份总数为1000万股。公司成立后经营状况一直不佳，至2015年底公司账面亏损3000万元。2016年初，公司开发出一款游戏，备受玩家追捧，市场异常火爆，年底即扭亏为盈，税后利润达7000万元。进入2017年，紫霞公司保持良好的发展势头。为进一步激励员工，公司于8月决定收购本公司的部分股份，用于职工奖励。关于此问题，下列选项正确的是：(2017/3/94-任)

A 公司此次收购的本公司股份的上限为100万股

B 公司可动用任意公积金作为此次股份收购的资金

C 收购本公司股份后，公司可在2年内完成实施对职工的股份奖励

D 如在2017年底公司仍持有所有收购的股份，则在利润分配时不得对该股份进行利润分配

第12题 甲上市公司因售出产品发生质量问题，销售单位对顾客的处理方案不妥，引发舆论的负面评价，导致股价不正常下跌。为了扭转股价下跌的趋势，公司拟用未分配利润回购公司股份。关于该公司的股份回购，下列说法正确的是：(2019-回忆版-多)

A 该回购事项须经股东会决议通过

B 回购股份不能超过已发行股份的10%

C 股份回购应通过公开集中交易进行

D 公司回购的股份应当在6个月内注销或转让

考点 23 禁止公司财务资助规则及例外

第13题 华越公司是非上市股份有限公司，已发行股本总额1亿元，董事会有9人。2025年9月9日，华越公司召开董事会拟为全体董事和部分员工提供借款，以购买新增股份。有2名董事因故未到场，1名董事投反对票，其余董事均投赞成票。据此，下列选项正确的是：(2025-回忆版-单)

A 该决议达到董事会表决通过比例，该决议有效

B 该决议为全体董事和员工提供借款，故该决议无效

C 因2名董事未到场，故该决议无效

D 借款的累计总额不得超过2000万元

【English Version】

Commercial and Economic Law

Topic 5: Transfer of Equity in a Limited Liability Company

The following is the full verbatim text of Topic 5, "Transfer of Equity in a Limited Liability Company", from the Systematic Intensive Lecture notebook:

Topic 5: Transfer of Equity in a Limited Liability Company

I. Rules on the Transfer of Equity

Key Point 035: Transfer of Equity by a Shareholder to a Person Outside the Company ★★★

1. Notice of External Transfer of Equity and the Right of First Refusal (1) Where a shareholder transfers equity to a person other than a shareholder of the company, the shareholder shall notify the other shareholders in writing of the quantity of equity to be transferred, the price, the method of payment and the time limit for payment, and other such matters. (2) The other shareholders shall have a right of first refusal on the same terms. "Same terms" as used here means, as stated above, that factors such as the quantity of equity to be transferred, the price, the method of payment and the time limit for payment shall be taken into account. [Example] Shareholder A intends to transfer equity to an outsider. Outsider C will pay RMB 100,000 in a single lump sum, while another shareholder, B, proposes to pay RMB 100,000 in ten instalments. Outsider C's "one-off payment" is more favourable than shareholder B's "payment in instalments", and therefore shareholder B does not satisfy the condition for a right of first refusal "on the same terms". (3) A shareholder who fails to reply within 30 days from the date of receipt of the written notice shall be deemed to have waived the right of first refusal. (4) Where a shareholder of a limited liability company transfers equity to a person other than a shareholder of the company, and another shareholder, having asserted a right to purchase on the same terms, is then met with the transferring shareholder's refusal to proceed with the transfer, the people's court shall not support the other shareholder's claim to purchase on a priority basis, except where the articles of association provide otherwise or where all shareholders have agreed otherwise. [Principle] In a case of "change of mind", since no new shareholder joins the company, the "personal association" (intuitus personae) nature of the company is not affected, and therefore the other shareholders cannot compel the purchase of the transferring shareholder's equity. (5) Where two or more shareholders assert a right of first refusal, they shall determine their respective purchase proportions by agreement; failing agreement, they shall exercise the right of first refusal in proportion to their respective capital contributions at the time of the transfer. (6) Where the articles of association provide otherwise with respect to the transfer of equity, such provisions shall prevail.

2. Remedies Where the Right of First Refusal of Other Shareholders Is Impaired (1) Definition: Impairment of the right of first refusal means that a shareholder of a limited liability company transfers equity to a person other than a shareholder of the company without notifying the other shareholders, or impairs the other shareholders' right of first refusal by fraud, malicious collusion or other such means. (See the In-Class Quiz.) (2) Remedies

[In-Class Quiz] The shareholders of Company A are Lao Zhang (holding 60%) and Zhang Zi A (his son, holding 40%). On 1 February 2018, Lao Zhang sent Zhang Zi A an Equity Transfer Notice stating: "I voluntarily transfer 1% of my equity at a price of RMB 150,000; please reply in writing within 30 days to agree on the transfer. Failure to reply within the time limit shall be deemed consent to the transfer to another person." Zhang Zi A expressed willingness to purchase but considered the price too high, and so gave up. On 10 March of the same year, Lao Zhang entered into Equity Transfer Agreement No. 1 with Zhang Zi B (another son), selling 1% of the equity for RMB 150,000, and completed the registration of the change of equity. On 10 October of the same year, Lao Zhang entered into Equity Transfer Agreement No. 2 with Zhang Zi B, transferring 59% of the equity to Zhang Zi B for RMB 600,000, and completed the registration of the change of equity (the price of each 1% of equity being approximately RMB 10,000). Lao Zhang also indicated that the price of the first equity transfer was higher than that of the second because he intended Zhang Zi B to acquire the status of shareholder. [1] Question 1: What is the validity of the equity transfer agreements between Lao Zhang and Zhang Zi B? Answer: Void. Where the transferring shareholder and a third party maliciously collude to evade the law in bad faith and impair the other shareholders' right of first refusal, in violation of the principle of good faith, both equity transfer agreements are void. Question 2: May Zhang Zi A claim only that the equity transfer agreements are void? Does the three-year limitation period apply? Answer: Zhang Zi A may not claim only that the equity transfer agreements are void, and therefore the three-year limitation period does not apply. Question 3: What remedy may Zhang Zi A assert? Answer: Zhang Zi A may bring a claim on the ground that his shareholder's right of first refusal has been infringed.

[1] Adapted from: Jiangsu Higher People's Court, Retrial Civil Judgment (2015) Su Shang Zai Ti Zi No. 00068 — Wu Qiaqi v. Wu Feng, a dispute over confirmation of invalidity of a contract.

Key Point 036: Transfer of Equity for Which the Capital Contribution Period Has Not Yet Expired, Defective Equity, and Equity After Withdrawal of Capital Contributions ★★★

1. Legal Rules

1. Practical Difficulties in Disputes over the Transfer of Equity for Which the Capital Contribution Period Has Not Yet Expired (1) Under Article 88, Paragraph 1 of the Company Law, where equity for which the capital contribution period has not yet expired is transferred, the transferring shareholder's transfer is a "non-discharging transfer", and the transferor remains subject to supplementary liability for the transferee. (See the table above.) (2) In practice, where the agreement on the capital contribution obligation in the equity transfer contract is inconsistent with Article 88, Paragraph 1 of the Company Law, and a party asserts that the agreement is invalid for violating a mandatory provision of law, the people's court shall not support such a claim; however, such an agreement may not be asserted against the company or the company's creditors. (3) Under the Reply of the Supreme People's Court dated 24 December 2024, [1] Article 88, Paragraph 1 of the Company Law (on the transfer of equity for which the capital contribution period has not yet expired, the transferor bears supplementary liability) applies only to transfers of equity for which the capital contribution period has not yet expired that occur after 1 July 2024. As regards disputes over capital contribution liability arising from a shareholder's transfer of equity for which the capital contribution period had not yet expired before 1 July 2024, the people's court shall deal with them fairly and justly in accordance with the spirit of the former Company Law and other relevant laws. (4) General approach in practice: the "supplementary liability" referred to above is sequential in nature — the ultimate transferee bears the capital contribution obligation first; where the ultimate transferee's assets are insufficient to make up the capital contribution due, the prior transferors shall then bear supplementary liability in succession for the shortfall. (5) Where, at the time a shareholder transfers equity for which the capital contribution period has not yet expired, a statutory ground for acceleration of the due date has already been satisfied, and the company, the company's creditors or others request, in accordance with Article 88, Paragraph 2 of the Company Law, that the transferor bear liability, or that the transferor and the transferee bear joint and several liability within the scope of the shortfall in capital contribution, the people's court shall not support such a claim. (Note: the applicable liability should be "supplementary liability", not "joint and several liability".) (6) In the enforcement of a monetary claim, where the applicant for enforcement applies to change or add as a person subject to enforcement a shareholder who has transferred equity for which the capital contribution period has not yet expired, the people's court shall rule to reject the application for change or addition, and inform the applicant that he or she may bring a separate action.

[1] Reply of the Supreme People's Court on the Non-Retroactive Application of Article 88, Paragraph 1 of the Company Law of the People's Republic of China.

1. Practical Difficulties in Disputes over the Transfer of Equity Where Capital Contribution Obligations Have Not Been Fully Performed (1) Under Article 88, Paragraph 2 of the Company Law, where defective equity is transferred, the transferor and a transferee who is not a bona fide transferee bear joint and several liability. This rule applies to transfers of defective equity made before 1 July 2024. (See the table above.) (2) In practice, where the agreement on the capital contribution obligation in the equity transfer contract is inconsistent with Article 88, Paragraph 2 of the Company Law, and a party asserts that the agreement is invalid for violating a mandatory provision of law, the people's court shall not support such a claim; however, such an agreement may not be asserted against the company or the company's creditors. (This provision is the same as that for the "transfer of equity for which the capital contribution period has not yet expired" above.) (3) Where the transferee of defective equity raises a defence on the ground that he or she neither knew nor should have known that the transferor had not fully performed the capital contribution obligation, the transferee shall bear the burden of proof. In practice, the factors usually considered include: ❶ Whether there is a special personal relationship between the transferee and the transferor, such as a kinship relationship. [Example] Shareholder Zheng failed to make capital contributions in full within the prescribed period, and then transferred all of his equity to his cousin Liu. According to ordinary life experience, it should be presumed that his cousin Liu was aware of the situation, and the two should bear joint and several liability to third parties within the scope of the shortfall in capital contribution. ❷ Whether the transferee was, before acquiring the equity, an actual shareholder of the company or held a post in the company. ❸ Whether the consideration for the transfer of equity manifestly deviated from its normal value, and whether it was actually paid as agreed. ❹ Whether the transferee fulfilled the duty to verify the company's business operations, its asset position, and the capital contribution position of the equity transferred, among other matters. (4) Where the transferee, having borne liability, seeks recourse against the transferring shareholder, the people's court shall support such a claim, except where the parties have agreed otherwise. (5) In the enforcement of a monetary claim, where the applicant for enforcement applies to change or add as a person subject to enforcement the transferee of defective equity, the people's court shall rule to reject the application for change or addition, and inform the applicant that he or she may bring a separate action.

2. Practical Difficulties in Disputes over the Transfer of Equity After Withdrawal of Capital Contributions (1) Where a shareholder transfers equity after withdrawing capital contributions, and the company, the company's creditors or others request, by reference to Article 88, Paragraph 2 of the Company Law, that the transferee bear joint and several liability, the people's court shall not support such a claim; (2) Where the transferor and the directors, supervisors and senior officers who bear responsibility are unable to compensate the loss caused to the company by the withdrawal of capital contributions, and the company requests that a transferee who knew that the transferor had withdrawn capital contributions bear supplementary compensation liability, the people's court shall support such a claim; (3) Where the company fails to assert its rights by litigation or arbitration, with the result that the company's creditors cannot realise their due claims against the company, and the company's creditors, naming the transferor, the directors, supervisors and senior officers who bear responsibility, and the transferee as defendants, and the company as a third party, request that the transferee bear supplementary compensation liability for the due claims not realised, the people's court shall support such a claim in accordance with the law; (4) In the enforcement of a monetary claim, where the applicant for enforcement applies to change or add as a person subject to enforcement the transferee of equity after withdrawal of capital contributions, the people's court shall rule to reject the application for change or addition, and inform the applicant that he or she may bring a separate action.

Key Point 037: Transfer of Defective Equity as Security by Transfer (Assignment for Security)

1. General Rules on Assignment for Security (1) Assignment for security means that a debtor or a third party provides security for the debts under the principal contract by transferring movable property, immovable property, shares or other property to the name of the creditor. (2) As a general principle, an assignment-for-security contract is valid. Where the debtor or a third party agrees with the creditor to transfer property in form to the creditor's name, and the debtor fails to perform the debt when due, the creditor is entitled to have the property discounted, or to have the debt satisfied from the proceeds of the auction or sale of the property, the people's court shall hold such an agreement valid. (3) A forfeiture clause is void. Where the debtor or a third party agrees with the creditor to transfer property in form to the creditor's name, and further agrees that, if the debtor fails to perform the debt when due, the property shall belong to the creditor, the people's court shall hold such an agreement void, without affecting the validity of the parties' expression of intent to provide security. (4) The creditor may enjoy a priority right to be repaid only after the publicity of the change in property rights has been completed. Where the parties have completed the publicity of the change in property rights, and the debtor fails to perform the debt when due, and the creditor requests, by reference to the provisions of the Civil Code on security interests in property, that the debt be satisfied preferentially from the proceeds of the discounting of the property or of its auction or sale, the people's court shall support such a claim; where the debtor, having performed the debt, requests the return of the property, or requests that the debt be discharged from the proceeds of the discounting of the property or of its auction or sale, the people's court shall support such a claim. [Example] Company A borrows money from Company Jia. To secure Company A's timely repayment, the parties agree that Company A will transfer its equity in Company B to the name of Company Jia. The parties also agree that, when the debt falls due, if Company A repays on time, the equity shall revert to Company A; if Company A fails to repay on time, the equity shall belong to Company Jia. This case constitutes an assignment for security, and the rules on security must be complied with. The parties' agreement that, if the debtor (Company A) fails to perform the debt when due, the equity shall belong to the creditor (Company Jia) constitutes a forfeiture clause, which is void, but does not affect the validity of the security.

2. Special Issues Where Equity Is Used to Create an Assignment for Security (1) Precondition: The debtor creates an assignment for security with defective equity. That is, a shareholder who has failed to perform, or has not fully performed, the capital contribution obligation, or has withdrawn capital contributions, uses the defective equity by transferring it to the creditor's name as security for the performance of the debt. (2) Treatment: Where the company or the company's creditors request that the creditor, as nominal shareholder, bear joint and several liability together with the shareholder, the people's court shall not support such a claim. [Principle] (1) An "assignment for security" is a transfer in name but security in substance, and is therefore dealt with under the rules on security; (2) In an assignment for security of equity, the creditor is merely a "nominal shareholder" and has no substantive relationship with the company.

[Illustration] Assignment for security of defective equity: (Debtor + Shareholder) Company A is a shareholder of Company B, and creates an assignment for security with the equity in Company B that it holds → (Creditor + Nominal Shareholder) Company Jia. Note: ① Company Jia is a "nominal shareholder" of Company B, which ≠ the "nominal shareholder" in a nominee shareholding agreement; here, "nominal shareholder" means "having no substantive relationship"; ② Company Jia need not perform the capital contribution obligation to Company B, nor does it enjoy shareholder rights.

Key Point 038: Transfers Between Shareholders; Transfers Arising from a Shareholder's Divorce or Death; and Transfers of Equity by Compulsory Execution ★★

1. Transfers of Equity Between Shareholders (1) Shareholders of a limited liability company may transfer all or part of their equity among themselves; (2) Since an internal transfer of equity does not involve any other person joining the company, the other shareholders have no right of first refusal.

2. Divorce of a Shareholder [1] Where a court, in hearing a divorce case, deals with the division of a capital contribution made in the name of one spouse in a limited liability company as part of the couple's common property, and the other spouse is not a shareholder of the company, the following circumstances shall be dealt with respectively: (1) Where the husband and wife agree through consultation to transfer part or all of the capital contribution to the spouse of the shareholder, and more than half of the other shareholders agree, and the other shareholders have all expressly waived their right of first refusal, the spouse of the shareholder may become a shareholder of the company; (2) Where the husband and wife have reached agreement through consultation on the proportion and price of the transfer of the capital contribution and other such matters, but more than half of the other shareholders do not agree to the transfer, yet are willing to purchase the capital contribution on the same terms, the court may divide the property obtained from the transfer of the capital contribution; (3) Where the husband and wife have reached agreement through consultation on the proportion and price of the transfer of the capital contribution and other such matters, but more than half of the other shareholders do not agree to the transfer, and are also unwilling to purchase the capital contribution on the same terms, they shall be deemed to have consented to the transfer, and the spouse of the shareholder may become a shareholder of the company.

3. Death of a Shareholder (1) After the death of a natural-person shareholder, his or her lawful successors may succeed to the shareholder status. Therefore, where a change occurs in a natural-person shareholder by reason of succession, the other shareholders may not assert a right of first refusal. (2) Except where the articles of association provide otherwise.

4. Equity Subject to Compulsory Execution Where a shareholder is unable to repay debts owed, a creditor may, on the basis of an effective legal instrument, request the court to enforce execution against the shareholder's equity for satisfaction of the debt. (1) When a court transfers a shareholder's equity in accordance with compulsory execution proceedings, it shall notify the company and all shareholders; (2) The other shareholders shall have a right of first refusal on the same terms; (3) Where the other shareholders fail to exercise the right of first refusal within 20 days from the date of the court's notice, they shall be deemed to have waived the right of first refusal.

[1] Statutory basis: Article 73, Paragraph 1 of the Interpretation (I) of the Supreme People's Court on the Application of the Marriage and Family Part of the Civil Code of the People's Republic of China.

[Common Pitfalls] ❶ It is the court that gives the notice, not the shareholder or the creditor. ❷ Where equity is subject to compulsory execution, the other shareholders are deemed to have waived the right of first refusal if they fail to exercise it within 20 days; where a transfer is made voluntarily, the other shareholders are deemed to have waived the right of first refusal if they fail to reply within 30 days of receiving the written notice.

[Summary] Circumstances in which there is no right of first refusal:

1. Where equity is transferred between shareholders, the other shareholders have no right of first refusal.

2. Where equity is transferred to an outside party, the other shareholders are deemed to have waived the right of first refusal if they fail to reply within 30 days from the date of receipt of the written notice.

3. Where, in an external transfer of equity, the transferring shareholder changes his or her mind, the other shareholders have no right of first refusal.

4. Where a change occurs in a natural-person shareholder by reason of succession, the other shareholders may not assert a right of first refusal. (Except where the articles of association provide otherwise or all shareholders have agreed otherwise.)

Key Point 039: Procedures for Changing Equity Transfers

1. The Transferring Shareholder (1) Where a shareholder transfers equity, the shareholder shall notify the company in writing, requesting that the shareholder register be changed; where a change of registration is required, the shareholder shall also request the company to apply to the company registration authority for the change of registration. (2) Where the company refuses, or fails to reply within a reasonable period, the transferor and the transferee may bring an action in court in accordance with the law. [Note] The persons who notify the company and request the company to make the change are: the equity transferor only. The persons who may sue the company are: the equity transferor and the transferee.

2. The Transferee of the Equity (1) Where the parties transfer equity in a limited liability company between themselves, the transferee acquires the equity from the date on which he or she is recorded in the shareholder register; (except where laws or administrative regulations provide that the contract shall be subject to approval procedures) (2) Where the company has not kept a shareholder register, the transferee acquires the equity from the date on which he or she actually exercises shareholder rights or notifies the company of the fact of the transfer of the equity; (3) Where the transferee of the equity has been recorded in the shareholder register but the change of registration with the company registration authority has not yet been completed, and the transferor's monetary creditor applies for execution against the equity in the transferor's name, the transferee is entitled to request exclusion from the compulsory execution.

3. The Company (1) After the lawful transfer of equity, the company shall promptly cancel the original shareholder's capital contribution certificate and issue a capital contribution certificate to the new shareholder; (2) The company shall accordingly amend the records in the articles of association and the shareholder register concerning the shareholders and their capital contributions; (3) No further resolution of the shareholders' meeting is required for such amendment to the articles of association.

II. Rules on the Repurchase of Equity

Key Point 040: Dissenting Shareholders' Right to Request the Company to Repurchase Their Equity ★★★

A shareholder's request that the company repurchase his or her equity means that, where a statutory circumstance arises, the shareholder may request the company to repurchase his or her equity at a reasonable price, and thereby exit the company.

💡 Mnemonic: "Five-five, merge, divide, transfer; if it should die but doesn't, amend the articles" — a dissenting shareholder may request the company to repurchase his or her equity.

Key Point 041: A Harmed Shareholder's Request That the Company Repurchase His or Her Equity

1. Legal Provisions Article 89, Paragraph 3 of the Company Law: Where the controlling shareholder of a company abuses shareholder rights, seriously harming the company or other shareholders, the other shareholders are entitled to request the company to repurchase their equity at a reasonable price.

2. Practical Difficulty: Determining "Serious Harm to the Interests of Other Shareholders" Whether the interests of other shareholders have been "seriously harmed" is generally judged in practice by whether the other shareholders' participation in the operation and management of the company, or their ability to realise the purpose of obtaining investment returns, has been harmed. (1) Where the controlling shareholder of a company abuses shareholder rights, with the result that the other shareholders' purpose of participating in the operation and management or of obtaining investment returns cannot be realised, it may be determined that the interests of other shareholders have been "seriously harmed", and the other shareholders are entitled to request the company to repurchase their equity at a reasonable price. At the same time, it should be noted that where the company raises a defence on the ground that the controlling shareholder has already borne liability for damages in accordance with the law, the people's court shall not support such a defence. (2) Where the controlling shareholder of a company abuses shareholder rights and causes loss to other shareholders, but has not yet made it impossible for them to realise their purpose of participating in the operation and management of the company or of obtaining investment returns, the other shareholders are entitled, in accordance with Article 21, Paragraph 2 of the Company Law — "Where a shareholder of a company abuses shareholder rights and causes loss to the company or other shareholders, he or she shall bear liability for damages" — to request the controlling shareholder to bear liability for damages; where the other shareholders request the company in accordance with the law to repurchase their equity at a reasonable price, the people's court shall not support such a claim.

3. Treatment After Repurchase Equity in itself lawfully repurchased by the company shall be transferred or cancelled in accordance with the law within six months.

05 Summary of Frequently Tested Angles

1. Master the new rules on the "transfer of equity for which the capital contribution period has not yet expired". Note the differences in treatment from the "transfer of defective equity".

2. The distinction between the transfer of defective equity and assignment for security of defective equity, and their respective treatments.

3. The rules on external transfer of equity. These may be subdivided into: (1) determining whether the right of first refusal of other shareholders has been impaired; (2) the remedies available to the other shareholders and to outsiders; (3) the liability of the transferee after the transfer of equity.

4. Determination of a dissenting shareholder's right to request the company to repurchase his or her equity — that is, whether the shareholder's ground for requesting the company to repurchase his or her equity is proper.

5. A new provision in the 2023 Company Law: where the controlling shareholder abuses shareholder rights and causes loss, the other shareholders are entitled to request the company to repurchase their equity at a reasonable price.

Topic 6: Issuance and Transfer of Shares in a Joint Stock Limited Company

The following is the full verbatim text of Topic 6, "Issuance and Transfer of Shares in a Joint Stock Limited Company", from the 2026 Commercial and Economic Law — Yan Mengxuan Systematic Intensive Lecture:

Topic 6: Issuance and Transfer of Shares in a Joint Stock Limited Company

I. Issuance of Shares

Key Point 042: Shares and Share Certificates

1. The Concept of Shares The registered capital of a joint stock limited company is the total share capital of the shares already issued, as registered with the company registration authority. The capital of a joint stock limited company is divided into shares.

2. The Concept, Characteristics and Types of Share Certificates (1) The concept and characteristics of share certificates ❶ The shares of a company take the form of share certificates. A share certificate is a voucher issued by the company certifying the shares held by a shareholder. ❷ After a joint stock limited company is established, it shall formally deliver share certificates to its shareholders. No share certificate may be delivered to a shareholder before the company is established. ❸ A share certificate shall take paper form or another form prescribed by the securities regulatory authority under the State Council. Where a share certificate takes paper form, it shall state the following principal particulars: a. the name of the company; b. the date of establishment of the company or the time of issuance of the shares; c. the type of shares, the par value and the number of shares represented; shares without par value shall state the number of shares represented by the share certificate. Where a share certificate takes paper form, it shall be signed by the legal representative and sealed by the company. Where a promoter's share certificate takes paper form, it shall be marked with the words "promoter's share certificate".

[Summary] The relationship between shares and share certificates: (1) The capital of a joint stock limited company is divided into shares, and the form in which shares are manifested is the share certificate; (2) A share certificate is the voucher for the shares.

(2) Types of share certificates ❶ Registered shares and bearer shares ⊙ Criterion for distinction: whether the shareholder's name is recorded on the face of the share certificate and in the shareholder register. ❷ Par value shares and no-par value shares ⊙ Criterion for distinction: whether the share certificate indicates an amount. ⊙ Either-or model: A company may, in accordance with the articles of association, convert all par value shares already issued into no-par value shares, or convert no-par value shares into par value shares. ⊙ Par value shares: The issue price of shares may be at par value, or above par value, but may not be below par value; any premium above the par value of the shares shall be included in the capital reserve. ⊙ No-par value shares: Not less than one-half of the proceeds from the issuance of shares shall be included in the registered capital, with the remainder included in the capital reserve. ❸ Ordinary shares and class shares ⊙ Criterion for distinction: the rights represented by the shares and the magnitude of the risks borne; ⊙ Ordinary shares: shares carrying full shareholder rights, the shareholder enjoying voting rights, but also being fully risk-bearing shares; ⊙ Class shares: shares carrying some special right or special obligation. (See "class shares" below.)

Key Point 043: Class Shares ★★★

1. Concept Class shares are shares issued by a company in accordance with the articles of association that carry rights different from those of ordinary shares.

2. Types

1. Voting on Material Matters "Material matters" means resolutions of the shareholders' meeting to amend the articles of association, to increase or reduce the registered capital, and resolutions on the merger, division, dissolution or change of the form of the company. Where a material matter may affect the rights of class shareholders, the following voting requirements shall apply: (1) It shall be passed by more than two-thirds of the voting rights held by the shareholders present at the meeting; (2) It shall be passed by more than two-thirds of the voting rights held by the shareholders present at the class shareholders' meeting.

Key Point 044: Authorised Issuance of Shares (Authorised Capital System) ★★★

1. General Rules on the Issuance of Shares (1) The issuance of shares shall be conducted in accordance with the principles of fairness and justice. (2) Each share of the same class shall have equal rights. (3) For shares of the same class issued at the same time, the conditions and price of issuance per share shall be the same; each share subscribed for by a subscriber shall be paid for at the same price per share. (4) A resolution of the shareholders' meeting to increase or reduce the registered capital shall be passed by more than two-thirds of the voting rights held by the shareholders present at the meeting.

2. Authorisation of the Board of Directors to Issue Shares To meet the need of a joint stock limited company for flexible financing, the company is permitted to authorise the board of directors to issue shares. The following conditions must be satisfied at the same time: (1) Period of authorisation: The articles of association or the shareholders' meeting may authorise the board of directors to decide on the issuance of shares within a period of three years. (2) Authorisation ceiling: The board of directors may be authorised to decide on the issuance of shares not exceeding 50% of the shares already issued. However, where non-monetary property is contributed as capital, a resolution of the shareholders' meeting is required. (3) Resolution requirements: Where the articles of association or the shareholders' meeting authorise the board of directors to decide on the issuance of new shares, the resolution of the board of directors shall be passed by more than two-thirds of all directors.

[Common Pitfalls] Where the board of directors consists of 18 directors, in authorising the issuance of new shares, the board meeting must be attended by 12 directors, and the resolution must be passed by 12 directors, for the resolution to be valid. This is because the statutory requirement of "passed by more than two-thirds of all directors" entails that the board meeting must be attended by "more than two-thirds of all directors".

II. Rules on the Transfer of Shares

Key Point 045: Restrictions on the Transfer of Shares ★★

1. Venue Where a shareholder transfers his or her shares, the transfer shall be conducted in a securities trading venue established in accordance with the law, or in another manner prescribed by the State Council.

2. Method The transfer of shares shall be effected by the shareholder by endorsement or by another method prescribed by laws or administrative regulations.

3. Restrictions on Shares Issued Before a Public Offering Shares already issued before a company publicly offers shares may not be transferred within one year from the date on which the company's shares are listed for trading on a stock exchange. (Where other provisions apply, those provisions shall prevail.)

4. Directors, Supervisors and Senior Officers of the Company (1) They shall declare to the company the shares of the company held by them and any changes therein; during the term of office determined at the time of taking office, the shares they transfer each year shall not exceed 25% of the total number of the company's shares held by them; (2) Shares held by them in the company may not be transferred within one year from the date on which the company's shares are listed for trading; (3) Within six months after leaving office, they may not transfer the shares of the company held by them; (4) The articles of association may make other restrictive provisions on the transfer by the company's directors, supervisors and senior officers of the shares of the company held by them.

5. Pledgees of Shares Where shares are pledged within a period during which their transfer is restricted by laws or administrative regulations, the pledgee may not exercise the pledge within such restricted period.

6. Transfer of Shares by Succession (1) After the death of a natural-person shareholder, his or her lawful successors may succeed to the shareholder status; (2) Except where the articles of association of a joint stock limited company subject to restrictions on the transfer of shares provide otherwise.

Key Point 046: Rules on the Repurchase of Shares (Applicable to All Joint Stock Limited Companies) ★★★

1. Circumstances in Which a Company May Repurchase Its Own Shares Principle: A company may not repurchase its own shares. Exceptions: A company may repurchase its own shares where any of the following circumstances arises:

1. A company may not accept its own shares as the subject matter of a pledge. [Example] Company A and Company B jointly develop real estate. Company B now pledges the shares of Company A that it holds as security for the performance of the contract, and the parties agree that, if Company B defaults, Company A will have priority of repayment from the secured property. Since the subject matter of the security is precisely shares issued by the company itself, the effect is equivalent to "using Company A's funds to repurchase Company A's shares"; therefore, the pledge security between Company A and Company B is unlawful.

[Common Pitfalls] Authorised Issuance of Shares vs. Authorised Repurchase of Shares

Key Point 047: Dissenting Shareholders' Right to Request Repurchase of Shares in a Company That Has Not Publicly Offered Shares ★★

In a company that has not publicly offered shares, where a statutory circumstance arises, a shareholder may request the joint stock limited company to repurchase his or her equity at a reasonable price, and thereby exit the company.

Key Point 048: Prohibition on Financial Assistance by a Company, and Its Exceptions ★★

1. Principle A company may not provide gifts, loans, security or other financial assistance to another person for the purpose of acquiring shares of the company or of its parent company.

2. Exceptions (1) Where the company implements an employee stock ownership plan. (2) For the benefit of the company, a company may, by resolution of the shareholders' meeting, or by resolution of the board of directors in accordance with the articles of association or the authorisation of the shareholders' meeting, provide financial assistance to another person for the purpose of acquiring shares of the company or of its parent company, provided that the cumulative total amount of the financial assistance shall not exceed 10% of the total issued share capital. A resolution of the board of directors shall be passed by more than two-thirds of all directors.

3. Treatment Where the above provisions are violated and loss is caused to the company, the directors, supervisors and senior officers who bear responsibility shall bear liability for damages.

06 Summary of Frequently Tested Angles

1. New rules on the issuance and transfer of shares in a joint stock limited company. (1) Additions: the issuance of no-par value shares and class shares is permitted; (2) Additions: the "authorised capital system" for the issuance of shares; (3) Additions: in a joint stock limited company that has "not publicly offered shares", a dissenting shareholder is permitted to request the company to repurchase his or her shares; (4) Additions: in the transfer of shares, a company is in principle prohibited from providing financial assistance.

2. Various restrictive provisions on the transfer of shares.

3. The grounds and procedures for a joint stock limited company's repurchase of shares.